RES NO 05-04-2014 CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. "T 2014
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN,
ARKANSAS, A RESOLUTION TO BE ENTITLED:
A RESOLUTION AUTHORIZING THE FILING OF AN
ACTION FOR PROPERTY ACQUISTION FOR THE NEW
SENIOR CENTER PROJECT.
WHEREAS, the City of Van Buren desires to acquire certain property adjacent to the New
Senior Center Project; and
WHEREAS, the property was forfeited by non payment of taxes and through legal filing the
City desires to acquire a clear title; and
WHEREAS, the acquisition of said property is a permitted municipal purpose for which
condemnation proceeding may be initiated for the public's interest; and
WHEREAS, the property is specifically Lots 3 &4, Block 7, Knox Addition, City of Van
Buren.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF VAN
BUREN, ARKANSAS, THAT:
Section 1: The Mayor or his designated representative is authorized and directed to file the
necessary condemnation action and take any other steps necessary to acquire the
property for the Senior Center Project.
IN WITNESS WHEREOF, the City of Van Buren, Arkansas, by its City Council, did
pass, approve, and adopt, by a vote of 5 for and 0 against, the foregoing Resolution at its
regular meeting held on the 19th day of May 2014.
UMW—
Robert D. Fre I 111111
Mayor
ATTESTED: APP JIVED AS TO FORM:
OW'
0,0 II
Barbie Curtis Candice A. Sett e
City Clerk/Treasurer City Attorney
IMain File No.1286371 Paae #11
LAND APPRAISAL REPORT
File No. 128637
Borrower n/a Census Tract 0203.02 Map Reference 22900
Property Address N Washington St
City Van Buren County Crawford State AR Zip Code 72956
'7 Legal Description Lots 3 4, Block 7, Knox Addition
Sale Price Date of Sale Loan Term yrs. Property Ri Ms
g Appraised ®Fee ❑Leasehold De Minims PUD
Actual Real Estate Taxes 90.05 (yr) Loan charges to be paid by seler Other sales concessions
Lender/Client City of Van Buren, AR (client) Address Van Buren, AR
Occupant Vacant Appraiser Don W. Smith, Jr. Instructions to Appraiser Estimate market value for possible purchase.
Location XJ Urban 11 Suburban [J Rural Good Avg. Fair Poor
Built Up Over 75% 25% to 75% Under 25% Employment Stability
Growth Rate Fully Dev. Rapid Steady Slow Convenience to Employment
Property Values Increasing Stable Declining Convenience to Shopping
Demand/Supply Shortage In Balance Oversupply Convenience to Schools
Marketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos. Adequacy of Public Transportation
Present Land Use 40% 1 Family 2% 2 -4 Family 3% Apts. Condo 55% Commercial Recreational Facilities
Industrial Vacant Adequacy of Unties ONCE
Change in Present Land Use Not Likely Likely Taking Place Property Conpatibilty
From To Protection from Detrimental Conditions
W Predominant Occupancy Owner Tenant 0 -5 Vacant Poke and Are Protection
Single Family Price Range 15.000 to 115,000 Predominant Value 65,000 General Appearance of Properties
Single Family Age 20 yrs. to 120 yrs. Predominant Age 70 yrs. Appeal to Market
Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):The neighborhood boundaries are
considered to be N 1st St to the southwest, Broadway St to the southeast, N 1 lth St to the east Poplar St to the north. The area is within 2
miles of schools, shopping, and places of worship, and about 10 miles from the major employment centers for the area. Subject property is the
downtown area of the city.
Dimensions 100' x 150' 15,000 Sq. Ft or Acres Corner Lot
Zoning classification Residential -2 Present Improvements do do not conform to zoning regulations
Highest and best use Present use Other (specify)
Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level to sloping
Elec. Available Street Access Public Private Size Typical for the area
Gas 1Z Available Surface Asphalt Shape Rectangular
s Water Available Maintenance Public Private View Average
San. Sewer Available Storm Sewer Curb/Gutter Drainage Appears adequate
Underground Elect Tel. Sidewalk E1 Street Lights Is the property located Ina HUD Identified Special Flood Hazard Area? No [I Yes
Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): Site is located in Zone X, areas determined to
be outside 500 year flood plain. Map #05033CO390 J, revised 12/03/2010. The appraiser was not furnished with a current survey of the subject
property. Site size was obtained from the subdivision plat. Property is below the grade of the street slopes downward to the west.
The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar
adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior
to or more favorable than the subject property, a minus adjustment is made thus reducing the indicated value of subject 1 a significant item in the comparable is inferior to or less
favorable than the subject property, a plus adjustment is made thus increasing the indicated value of the subject.
ITEM 1 SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
Address N Washington St N 16th St 301 N Washington St 202 N Arkansas St
Van Buren, AR 72956 Van Buren, AR 72956 Van Buren, AR 72956 Van Buren, AR 72956
Proximity to Subject 0.79 miles NE 0.08 miles N 0.19 miles NW
Sales Price 22,500 26,500 25,000
Price per lot 2,500 6,625 8,333
Data Source Inspection;pub.recds MLS #652102; buyer MLS #9394081: Public Records MLS #9397988; Public records
Date of Sale and DESCRIPTION DESCRIPTION 1$ Adjust. DESCRIPTION 1$ Adjust DESCRIPTION I Adjust
Time Adjustment 04 /19/2012 08/09/2006 10/05/2007
W Location Central/Average Central/Average Central/Average CentraVAverage
LL Siteew 15,000 sf (2 lots) 6,534 sf x 9 lots 17,500 16,988 sf (4 lots) 13,300 22,216 sf (3 lots) -8,300
Topography Slope below grade Slope above grade Level Slope above grade
Sales or Financing Unknown Unknown Unknown
Concessions
Net Adj. (Total) n m 17,500 n m 13,300 n M -8,300
Indicated Value
of Subject Net 77.8 5,000 Net 50.2 13,200 Net 33.2 16,700
Comments on Market Data: See attached addenda.
Comments and Conditions of Appraisal: Appraisal assumes that there are no environmental hazards present on property and all utilities are available.
The intended user of this report is the City of Van Buren, AR. The intended use is to estimate market value for possible purchase.
Anal Reconciliation: The indicated value range is from $2,500 to $8,300 per lot or from $5,000 to $16,700 for both lots. Comparable #4 is a
recent expired listing in close proximity of the subject that did not sell for an asking price of $6,500.
1 ESTIMATE THE MARIE; VALUE, AS DEFT e PROPERTY AS OF October 17 2012 t0 be 10,000
LTM
��h,.
N•w/'r f ifs
Physically Don W. Smith, Jr. o c Did Did Not Ph e o.. Y y InsP ect Properly
A PP raisers ,y;;, /Review Appraiser (if applicable)
1Y21(] Don Smith Associates Real Estate Appraisals
Form LND 'WinTOTAL' appraisal software by a la mode, inc. 1-800-ALAMODE
LAND APPRAISAL REPORT IMain File No. 1286371 Pane #2I
MARKET DATA ANALYSIS
File No. 128637
ITEM 1 SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6
Address N Washington St Lafayette St
Van Buren, AR 72956 Van Buren, AR 72956
Predmity to Subiect 0.08 miles NW
Sales Price
Price Per lot 6,500
Data Source Inspection;pub.recds MLS #645498; Agent
Date of sale and DESCRIPTION DESCRIPTION Adjust. DESCRIPTION Adjust. DESCRIPTION 1+( -t$ Adjust.
Time Adjustment Expired listing -9/12
Location CentraVAverage Central /Average
SiteNiew 15,000 sf (2 lots) 7,500 sf
w Toyy!ra. Slo•= below •rade Slo•eabove •rade
Sales or financing Unknown
Concessions
Net Adj. (Total) fl (l is f l I is [1+ 17—
Indicated Value
of Subiect Net Net Net
Comments:
Form LND.(AC) °WinTOTAL' appraisal software by a la mode, inc. 1-800-ALAMODE
(Main File No.1286371 Pane #31
Supplemental Addendum FileNo.128637
Borrower /Client n!a
Property Address N Washington St
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren, AR (client)
Market Data
Sale #1 was the most recent comparable sale found. Sales #2 #3 are older sales but located in the subject's addition.
Comparable #4 is a recent expired listing from the subject's addition that was on the market for 306 days for $6,500 Sale #1
was a sale of 9 lots for $2,500/lot buyer is a real estate broker stated that he felt that they were worth twice that amount. The
indicated value is from $2,500 to $8,300 per lot. The appraiser has taken into consideration that sale #1 appears to be below
market value.
Form TADD 'WinTOTAL' appraisal software by a la mode, inc. —1- 800 ALAMODE
Main File No. 1286371 Paae #4j
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are
typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed
for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with
the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary
for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable
since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the
comparable property by comparisons to financing terns offered by a third party institutional lender that is not already involved in the
property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession
but the dolar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following
conditions:
1. The appraiser wig not be responsible for matters of a legal nature that affect either the property being appraised or the title to lt. The appraiser assumes that
the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible
ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included ordy to assist
the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted
in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes
no guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do
so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These
separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic
substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing
the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and
has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The
appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such
conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an
environmental assessment of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were fumished by other
parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or
alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender /client specified in the appraisal report can distribute the appraisal report
(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal
organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successors and assigns; the mortgage
insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality
of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data
cogection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439 6 -93 Page 1 of 2 Fannie Mae Form 1004B 6 -93
Don Smith Associates Real Estate Appraisals
Form ACR 'WinTOTAL' appraisal software by a la mode, inc. 1-800-ALAMODE
Wain File No. 1286371 Pane #51
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property
for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant
variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce
the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made
a positive adjustment to increase the adjusted sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not
knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the
appraisal report are true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent
and limiting conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with
respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject properly or of the present
owners or occupants of the properties in the vicinity of the subject property.
5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this
appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related parry, the amount of the value estimate,
the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and /or employment for performing the appraisal. I
did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal
Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value
and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the
reconciliation section.
B. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.
I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate
vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that
I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report If I relied on significant professional
assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and
disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform
the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take
no responsibility for 8.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,
agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: N Washington St, Van Buren, AR 72956
APPRAISER: SUPERVISORY APPRAISER (only if required):
I y 7 n M
Signature: G/r, A ne
CERn Signature:
Name: Don mi r: 11 r
r..,. CD" Name:
Date Signed: 10/23/2012 ct ij Date Signed:
State Certification CR0848 State Certification
or State License or State License
State: Arkansas State:
Expiration Date of Certification or License: 06/30/2013 Expiration Date of Certification or License:
Did Did Not Inspect Property
Freddie Mac Form 439 6 -93 Page 2 of 2 Fannie Mae Form 1004B 6-93
Form ACR 'WInTOTAL' appraisal software by a la mode, inc. 1-800-ALAMODE
(Main File No. 1286371 Pane #61
Subject Photo Page
Borrower /Client n/a
Property Address N Washington St
City Van Buren County Crawford State AR Lp Code 72956
Lender City of Van Buren, AR (client)
Subject Property
irJk
Subject Property
f'-
Subject Street
r,
t
Form PIC3x5.SR °WinTOTAL° appraisal software by a la mode, inc. 1-800-ALAMODE
IMain File No.1286371 Paae #7I
Location Map
Borrower /Client n/a
Property Address N Washington St
City Van Buren County Crawford State AR Zp Code 72956
Lender City of Van Buren, AR (client)
a la mode, Mc: ao
Teebevnrweamtevwgr N Plaza Dr -z a 4
W g Pointer Trail T z
i. E Pointer Trali 7C
Z E Pointer Trail
`3 4 5 Hard St j i I
a9 9
C arnvrl St. i o Z Herat f D;r_.
3. 9
X 59 Board eraikSt N t Hit'
g r TTT���
Nonhvicw Dr. z
3 8
HemkxkSt Pau z i i
ce
Hemlo St ck
W Pine St
g Q Spnuce St z Amy Si
s
eekCircle Cedars Country Club
Lind Li
li 3
Linda Ln m Linda t c s
Alpine Dr 2 Linda
Z Willow St
D Bnan in 5 Van ,�.(�k,�e.,e�Jn o Birch St L
2 Park 'if. St 2 ,1
ParkviewSt g s Parkvie I 1 11,1r,11.1.• a I
V N 11
J gi 2 2 1 "t Inch NI Mt Vista V.sn.co i St
Mt Vista`' Mlrta St Ted
rr j
B
1 ■■nlp Ir.lhl,
J- 1 1 2
u01 N '.1/,I hin ton ,I
t
ri nl nlhll• t It U.3 t1.11.., N i I,
it1) N Ark„ Im..r. T1
z
2 a
U I Huh-- NW Z g c I Decherd St eQi A
C' s t5 2 N Z A
z Baldwin St z 2
I Z N t Z N Z
,..Poplar St- ar St a
C[ z= s
f S 2 r c •t Ekn St 3 2
x 5. Cedars! g Z WM1ams5t:- ,,,a use
3 -F 2 z z cedar St Q
Franklin
h K 'X Z 2 toth�la 75t
5 a Main St
N W.a..hln<i1..n ',I Main st0, M
SI a
1 nmp.l r,lhlr• r 1 8 M
I ,I I,7 y I lf, CI I si
r 4
it I)i3 5
Holt, NW t N r N na
S r 6 y .o w Chestnut St -y 5
N na
,z r aV 4 6 4 H H w y -a N g
f f f .71 3 N
c} Or
y r' E .P s 0.W9'
5 O r 4 CGS VinlIP'D
72 r9 Scott St V 6
a
v.
9
P f
ay 3 Twin Circle Dr
S9'
Ns S10
,,f sf'_
9 N
Mt�.� 4-J N 600 yda
•'Laia 9a r 7arms F 2'_°JL.Lur_»n 7persi..e J.R91 61 3l: "D
Form MAP.LOC "WinTOTAL' appraisal software by a la mode, inc. 1-800-ALAMODE